Startup founders often say to me, “We’re going ahead with this new startup … we’ve identified a gap in the market!” It’s a common refrain explaining why someone is starting a business, and how the startup is positioned against competition. There’s a gap in the market. The question to ask at that point is simple: […]
The $250,000 Funding Trap
$250,000 is a lot of money. Venture investors might not think so, but for most of us it’s a lot of moolah. And for early stage startups it’s often the amount they ask for coming out of the gate (or $500,000 – which seems to be pretty standard as a first, seed ask). The problem […]
Visualize Your Website to Crystallize the Value Proposition and Target Market
It’s quite common for early startups to lack clarity around their core value proposition and target market(s). There’s a temptation to go wide on both – offer lots of different value to lots of different people. But generally that doesn’t work. A focus on a specific, differentiated and compelling value proposition targeting a specific, well-defined […]
7 Tips for Successful Board Meetings
Once you’ve raised funding, your board meetings will likely become a lot more serious. Prior to raising capital your board likely consists of the founders and that’s it. After funding, your investors will want a seat at the table (and maybe more.) Boards are often setup with 5 people (2 founders, 2 investors and an […]
Promises and Platitudes – The Dangers of Low Quality Advisors
Having great mentors can make a huge difference for you, individually, as an entrepreneur. I’ve never had a mentor, but looking back I’m certain it would have been very helpful. Even today. Mentors are there to help you, and by extension (potentially) your startup. But even if your startup fails, or you’re not going where […]
Competitive Research 101 for Startups
Whenever I get pitched by a startup, I always look to see if they’ve properly identified the competition. For starters, I can guarantee you that someone is already working on the same idea. It’s a universal truth. But more importantly than that, competitive research and analysis is one of those areas that is often horribly […]
Finding Your Startup’s One Thing
With five startups in Year One Labs (all at various stages of our process), you start to see some fairly clear patterns. One of the biggest hurdles at Year One Labs is moving from the Probe Phase to the MVP Phase. I’ve talked about this process in more detail a few times. The gist of […]
The Risks and Rewards of Delighting Users (or Attempting To)
Delighting users is incredibly hard. Most startups don’t even try. That results in boring (although occasionally effective and useful) web applications. Some startups try too hard and end up overloading their applications with flashy funkiness that doesn’t add any real value. They might get an A for effort, but they won’t keep users happy through […]
Lying to Yourself is a Leading Cause of Startup Failure
Although I did complete a Psychology degree at university, I’m no psychologist. And I’m no self-help guru either. But the more I think about startups and entrepreneurs, the more I think that one of the leading causes of startup failure is lying. Not lying to other people, but lying to oneself. People lie to themselves […]
Piggyback and Steal: Startups Need to be More Parasitic (In a Good Way!)
In a recent NextMontreal tech podcast (which I participate in on a weekly basis), I used the phrase, “piggyback and steal.” I thought it was reasonably catchy, so I jotted it down for this blog post. Without context it makes no sense, so let me add some. During the podcast I was talking to Frederic […]
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